Citing solid performance across all regions and a growing backlog, Ciena reported revenue of $1.07 billion for its fiscal third quarter ended July 29, 2023, up 23% compared with a year earlier. Ciena's adjusted (non-GAAP) net income for the fiscal third quarter 2023 was $89.1 million, or $0.59 per diluted common share, which compares to an adjusted (non-GAAP) net income of $49.0 million, or $0.33 per diluted common share, for the fiscal third quarter 2022.
"We delivered excellent results for the fiscal third quarter with strength across all regions," said Gary Smith, president and CEO of Ciena. "We are encouraged by increased customer activity that, when combined with our elevated backlog, market leadership and expanding addressable market, we believe will drive growth and market share gains going forward."
"We are very encouraged by the level of overall customer activity that we are seeing across all regions and segments. Most notably, we are seeing early signs of near-term requirements with our customers as they work to ensure their network readiness for machine learning and AI traffic coming out of the data center and into the WAN."
Some additional highlights:
- Added 18 new customers in Q3 for WaveLogic 5 Extreme, bringing the total customer count to 246.
- First order for WaveLogic 6 in the quarter, well before it is even generally available.
- Routing and Switching revenue was up 27% year-over-year, with the addition of more than 30 new customers for the portfolio in the quarter.
- First customer order for the WAVE router platform.
- Platform Software and Services revenue was up 24% year-over-year.
- One 10% customer in the quarter, which is a cloud provider.
- Total non-telco revenue was 46% year-over-year in the quarter to $487 million, a record high.
- Subsea revenue was up 21% year-over- year in the quarter to $76 million.
- Revenue from service provider customers was up 9% year-over-year, which included one Tier 1 customer that came in just under 10% threshold in Q3.
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